INDIANAPOLIS, Nov. 16, 2016 /PRNewswire/ -- The Build Fund, a loan fund operated by King Park Development Corporation (King Park), announced today it is officially certified as a Community Development Financial Institution (CDFI). The Build Fund is currently the only CDFI exclusively devoted to supporting economic development in Indianapolis.
"Receiving CDFI certification is an extremely difficult and competitive process," said Steven Meyer, Executive Director of King Park. "We are proud to be the first CDFI exclusively focused on small business lending in Indianapolis. Our flexible loans allow us to continue to support economic development in underserved communities."
Since launching in July of 2015, The Build Fund has loaned more than $2.8 million to support 9 new and existing businesses, including:
- Ash & Elm Cider
- Cannon Ball Brewing Company
- Hotel Tango Whiskey
- Longbranch Inc.
- R & B Architects
- Reveal Properties
- Shoefly Public House
- Tinker Street Holdings
"CDFI organizations play an important role in Indiana's economy," said Congressman André Carson. "They are on the front lines providing much-needed financing to individuals, businesses, and projects in economically distressed communities throughout the state and I look forward to supporting these important institutions in Congress."
Meyer and his Deputy Director, Evan Tester, understood the importance of helping business owners acquire capital they need to thrive and grow. Through a grant provided by the City of Indianapolis and additional funding sources, they started the loan fund in July 2015. The Build Fund was designed to help businesses that were not served by traditional financial institutions. The small business loans are primarily awarded to new, relocating, or expanding businesses that are creating new jobs and operating in underserved areas. These loans range from $75,000 to $950,000.
"Small businesses are a vital part of a healthy urban neighborhood," Meyer said. "We are excited to connect businesses that reflect the diversity of our neighborhoods to the capital they need to be successful, especially minority and women-owned businesses."
As a CDFI, The Build Fund gains improved flexibility when using grant funds, access to new sources of capital, and ability to partner with traditional financial institutions. The CDFI certification will have a strong influence on neighborhoods in Indianapolis and surrounding areas in need of financial products and services.
In addition, the CDFI Fund awarded the Build Fund a technical assistance grant of $125,000. The grant will fund capacity building as the loan fund continues to grow and diversify. This highly competitive grant will allow the Build Fund to immediately hire another full-time staff member.
"Receiving CDFI certification confirms that The Build Fund is doing exceptional work and making a difference to the underserved areas of Indianapolis," Tester said. "The Build Fund will use this certification to continue its mission of connecting businesses with flexible, affordable, and responsible funding."
About the Build Fund
Launched in July of 2015, the Build Fund is a loan fund operated by King Park Development Corporation dedicated to helping businesses and underserved areas grow and create jobs in the Indianapolis area. Certified as a Community Development Financial Institution (CDFI), the Build Fund plays a large role in generating economic growth and opportunity and connecting businesses to flexible, affordable, and responsible funding. | buildfund.org
About King Park Development Corporation
King Park Development Corporation is a non-profit community development corporation (CDC) committed to improving housing, economic development, and quality of life in the King Park area. Founded in 1987 by concerned residents and neighborhood groups, King Park has helped drive the revitalization of neighborhoods in the northern downtown area of Indianapolis through various public and private partnerships. | kingpark.org
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SOURCE King Park Development Corporation